http://blogs.wsj.com/middleseat/2009/05/27/jetamerica-airlines-the-ultra-cheap-virtual%E2%80%99-airline/ I'll be curious to hear if it's any good once people have tried it. I worry about low end airlines, especially in terms of plane-maintenance.
As always, I just had to spoof this: http://www.sillyplatypus.com/2009/05/jetamerica-ultra-cheap-airline-launches.html